Mortgage Rates Continue to Show Little Movement

Rhea-AI Summary

Freddie Mac's Primary Mortgage Market Survey reveals the 30-year fixed-rate mortgage averaged 6.82 percent, with little movement. Chief Economist Sam Khater predicts rates will remain stable despite lower inflation signals. Inventory improvements may moderate home price growth.

MCLEAN, Va., April 04, 2024 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey^® (PMMS^®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.82 percent.

"Mortgage rates showed little movement again this week, hovering around 6.8 percent,” said Sam Khater, Freddie Mac’s Chief Economist. “Since the start of 2024, the 30-year fixed-rate mortgage has not reached seven percent but has not dropped below 6.6 percent either. While incoming economic signals indicate lower rates of inflation, we do not expect rates will decrease meaningfully in the near-term. On the plus side, inventory is improving somewhat, which should help temper home price growth.”

News Facts

• The 30-year FRM averaged 6.82 percent as of April 4, 2024, up from last week when it averaged 6.79 percent. A year ago at this time, the 30-year FRM averaged 6.28 percent.
• The 15-year FRM averaged 6.06 percent, down from last week when it averaged 6.11 percent. A year ago at this time, the 15-year FRM averaged 5.64 percent.

The PMMS^® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. For more information, view our Frequently Asked Questions.

Freddie Mac’s mission is to make home possible for families across the nation. We promote liquidity, stability, affordability and equity in the housing market throughout all economic cycles. Since 1970, we have helped tens of millions of families buy, rent or keep their home. Learn More: Website | Consumers | Twitter | LinkedIn | Facebook | Instagram | YouTube

MEDIA CONTACT:
Angela Waugaman
(703)714-0644
Angela_Waugaman@FreddieMac.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fccaab5c-05e2-4d3e-9370-a6372d6c572e

FAQ

What is the average 30-year fixed-rate mortgage according to Freddie Mac's PMMS?

Freddie Mac's PMMS reports the average 30-year fixed-rate mortgage at 6.82 percent.

What did the 15-year fixed-rate mortgage average in the recent PMMS report?

The 15-year fixed-rate mortgage averaged 6.06 percent in the latest PMMS report.

What is Freddie Mac's mission?

Freddie Mac's mission is to make home possible for families by promoting liquidity, stability, affordability, and equity in the housing market.

How long has Freddie Mac been assisting families in the housing market?

Freddie Mac has been helping families buy, rent, or keep their homes since 1970.